"Partnership is a prime example of established private and public sector players working together towards the goal of developing the regional economies".
Dubai, July 30th, 2007: ARTOC Group, one of the Middle East region's largest multi-disciplined investment conglomerates, has invested US$10 million in the US$100 million Center of Excellence for Applied Research and Training (CERT) Innovations Fund which invests in the UAE and Gulf's evolving technology, healthcare and education sectors.
CERT is the largest private education provider in the Middle East and is also the largest MENA region investor in the discovery and commercialization of technology, investing US$35 million in 2006.
CORECAP, financial advisor to CERT, the commercial arm of the Higher Colleges of Technology in the UAE, announced that Mohamed Shafik Gabr, ARTOC Chairman and managing director, has also joined the Board of CERT Capital, which is chaired by H.E. Sheikh Nahayan Mubarak Al Nahayan, UAE Minister of Higher Education and Scientific Research, and vice chaired by Dr. Tayeb Kamali, Vice Chancellor, Higher Colleges of Technology.
Both H.E. Sheikh Al Nahayan and Dr. Kamali are widely regarded as the main architects of progressive initiatives in the Gulf's investment and economic sectors.
Dr. Kamali said: "Our partnership with an outstanding institution such as ARTOC Group and Mohamed Shafik Gabr's appointment to the Board give further substance to H.E. Sheikh Al Nahayan's revolutionary vision to develop the education, healthcare and technology sectors in the UAE and the Gulf."
Khaled Hassan Rashed, CORECAP CEO, said: "We are pleased to welcome ARTOC Group as one of CERT Innovations' lead investors. Their commitment demonstrates that the fund is a compelling investment opportunity in the private equity landscape, one of the fastest growing asset classes globally."
Mr. Rashed added that the partnership with ARTOC is a prime example of established public and private sector players working together towards the goal of developing the regional economies.
Mohamed Shafik Gabr said: "CERT provides investors with a great opportunity to participate in the ongoing economic growth and long-term development of the MENA region. The organization's track record and institutional structure proved attractive to ARTOC and we look forward to accelerating its future development while cementing our strategic partnership."
-Ends-About ARTOC
ARTOC is one of the Middle East's largest multi-disciplined investment conglomerates, with headquarters in Cairo, Egypt. The Group has substantial interests in industry, real estate, automotive, engineering and technical services, publishing, consumer products and international trade (www.artoc.com).
About CERT
CERT is involved in strategic alliances with a number of large multinational organizations, such as IBM, Intel, Honeywell and Lucent Technologies, in developing a diverse range of business and technology solutions. CERT also holds collaborative programs with several academic leaders including MIT, University of Strathclyde, Harvard, and NYIT, Waterloo.
About CERT Innovations
CERT Innovations is a five-year close-ended venture capital investment fund investing primarily in the embryonic and evolving technology, healthcare and education sectors. The fund targets an Internal Rate of Return of 25% per annum.
For further information please contact:
Katie Bergius
Tel: +44 (0) 207 395 1694
Email: katiebergius@insightsuk.com
Chantal Munier
Tel: +202 2 505 5999
Tel: +202 2 505 5777
Email: chantal.munier@artoc.com
© Press Release 2007
